Archive for the 'Twin Cities Real Est' Category

Minneapolis Duplex Sellers Don’t Make Sense

said on January 14th, 2014 categorized under: Twin Cities Real Est

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Confused duplex seller scratching her headThe Minneapolis and St Paul single family home market looked a little down the week ending January 4.

After all, new listings dropped 18.7 percent from the same week last year. Pending sales declined 12.4 percent. And, overall inventory was 4.9 percent smaller than it was at the start of 2013.

But the Twin Cities duplex market?

Well, it just looked confused.

There were 22 duplex sellers who accepted offers to end one year and start another. Half of these folks will leave closing with a money in their hands. And, they will have sold their properties for an average final list price of $177,863.

During the same week last year, there were just 9 sellers who accepted offers. A majority of them (67 percent) went home from closing with a check in hand. Since traditional sellers always get more for their duplexes than banks do, it’s no surprise that these properties averaged a final sales price of $232,279.

Meanwhile, new listings for the start of 2014 were down 16.7 percent from last year, with 67 percent of the new year’s new sellers having equity in their property, compared with the 61 percent of last year’s new sellers who did.

As the year unfolds, I’m sure we’ll come to understand what it all means.

Minneapolis Duplex Sales Survive Holiday Freeze

said on January 7th, 2014 categorized under: Twin Cities Real Est

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Dripping IciclesThe week between Christmas and New Year’s appears to be one of the most consistent for the Minneapolis and St Paul duplex market.

After all, in 2013, there were 9 new listings for the last week of December; up just one from the year before. Five of these (55.5 percent) were brought to the market by traditional sellers, and five of the eight sellers last year (62.5 percent) could say the same.

There were 9 duplex owners who received and accepted offers during the week. Curiously, of the 2013 group, just 44 percent of these were signed by sellers with equity in their properties. Of the seven successful sellers at the end of 2012, 71.4 percent walked away from closing with a check.

The single family home market did not perform with the same consitency. New listings were down 14.5 percent, Pending Sales were down 7.8 percent and overall Inventory decreased 9.1 percent.

When the deep freeze thaws and we’re  finally moving toward a normal spring housing market, we’ll have a better idea of what the market’s doing.

Minneapolis Duplex Sellers Work Through The Holidays

said on December 17th, 2013 categorized under: Twin Cities Real Est

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duplex owner celebrating While many people are busy with holiday preparations, the Minneapolis and St Paul duplex market kept working.

In the week ending December 7, 16 duplex, triplex and fourplex owners accepted offers on their properties. More than half, at 56.3 percent, were traditional sellers, who will take a check home from closing.

On average, the final list price for these pended properties was $183,982.

During the same week in 2012, 27 duplex sellers accepted offers. It’s important to note that the vast majority of these sales (70.4 percent)  involved negotiations with a lender prior to the close of the sale. As a result, those investment properties sold for an average of just $131,827.

New inventory for the first week of December totaled 26 new listings. A whopping 76.9 percent of these duplexes, however, are being offered for sale by traditional sellers. Compare this just 56.7 percent of last year’s 30 new sellers who had equity in their properties.

The single family home market saw a slowing during the week. New listings were down 5.7 percent from the same week one year ago. Pending sales, meanwhile, increased .9 percent. In all, total inventory continues to be down 5.6 percent.

For the month of November, the market finished with a Median Sales Price of $195,000; which is 13.4 percent higher than November 2012. Inventory remains tight, with most sellers averaging 75 days on the market and receiving 95.4 percent of their list price.

There is just a 3.2 month supply of inventory on the market. A balanced market is occurs when there is a 5 to 6 month supply. In other words, Minneapolis duplex sellers are in charge this holiday season.

Duplex Sales Take Holiday Nap

said on December 11th, 2013 categorized under: Twin Cities Real Est

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duplex sales eat turkeyWhile Thanksgiving came “late” this year, the Minneapolis and St Paul duplex market apparently took a nap after eating too much turkey.

There were 13 small multifamily property owners who accepted offers during the week. Of these, 53.8 percent had equity in their properties. On average, the final MLS list price for these Twin Cities duplexes was $214,931.

While this traditional seller market share is down slightly from 57.1 percent at the end of last November, it isn’t down significantly. The number of sales for the week in 2012, however, was significantly larger at 21. However, the Thanksgiving holiday also landed earlier in the month in 2012. On average, these properties sold for $177,605.

New  listings suffered a post turkey slump as well, with just 14 new duplex listings coming on the market. The majority of these, at 64.3 percent, were listed by equity sellers. Last year there were 22 new sellers for the week, and exactly half did not have to consult a bank to sell.

The single family home market saw new listings fall 47 percent for the week and pending sales drop 38.5 percent. Inventory also dropped; down 4.5 percent from the same week in 2012.

Thanksgiving falls late once again in 2014, so look for a more equitable week-over-week comparison.

Minneapolis Duplex Sellers Pretend It’s Spring

said on December 3rd, 2013 categorized under: Twin Cities Real Est

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duplex chick outfitWinter has officially arrived in Minnesota when the ground freezes. It could be said, however, that the Twin Cities duplex, triplex and fourplex market declares winter’s arrival when the number of new listings every week drop.

It may be cold outside, but it in the duplex market, it’s apparently spring.

There were 21 new listings that came on the market the week ending November 23. And while banks were responsible for the majority of these opportunities, 47.6 percent are being sold by equity sellers.

During the same week in 2012, there were just 10 new listings for the week. Only 30 percent of these properties were put on the market by traditional sellers.

There were 9 small multifamily property owners who accepted offers during the week. A majority– 55.6 percent, are not distressed. Compare this to the 27.6 percent of last year’s 11 sellers who could say the same.

Of course, more sellers with equity usually leads to higher prices. This was certainly the case in 2013, when those 9 sales left the market at an average final list price of $190,854. Last year,  properties during the same week sold, on average, for $137,073.

The single family home market behaved like a seasonal thaw as well, with new listings up 46.6 percent over last year, pending sales up 42.8 percent, and the combination of the two drawing total inventory down 3.6 percent.

On average, sellers are currently accepting offers at 95.8 percent of their listing price. Perhaps this is because their properties are staying on the market a scant 75 days.

Again, there isn’t a lot of competition for duplex sellers right now. And that always means more money.

Duplex Sales Remain Upbeat

said on November 19th, 2013 categorized under: Twin Cities Real Est

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duplex sales remain strongThings are looking up in every way in the Minneapolis and St Paul duplex market.

For example, there were 20 property owners who accepted offers during the week. Of these, 60 percent have equity in their properties.

Last year, there were 16 sellers who accepted offers during the same week; 62.5 percent of them went home from their closings with money in their pockets.

There were 23 duplexes, triplexes and fourplexes that were new to the MLS during the first full week of November. The majority of these, at 60.9 percent, were owned by people with equity in their properties.

One year ago, there were just 16 new listings for the same calendar stretch, with 50 percent of these sales not involving distressed properties.

The single family home market saw the number of new listings increase 11.4 percent year over year. Ironically, the number of pending sales actually decreased 3.1 percent, while total inventory continued to be 3.2 percent lower than last year’s.

Let’s hope the good news continues.

Minneapolis Duplex Sellers See Life In Winter

said on November 12th, 2013 categorized under: Twin Cities Real Est

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white paper duplex over white backgroundSome Minneapolis duplex sellers often hibernate at the first sign of winter. The irony is, many duplex buyers do not.

For the week ending November 2, 2013, there were 21 Twin Cities duplex sellers who received and accepted offers from those cold and snow-proof buyers.

Just 47.6 percent of those sellers, however, did not need a bank’s permission to sell their investment property.  And on average, the last price those properties were listed at was $178,006.

During the same week in 2012, there were 18 Minneapolis and St Paul duplex sellers who accepted offers. A slight majority of these properties, at 55.6 percent, were not in a distressed situation. On average, those investment properties sold for $134,912.

There were 21 new listings during the last week of October. Equity sellers contributed the majority of this inventory, at 81 percent.

One year ago, traditional duplex sellers were responsible for just 40 percent of the 20 newly listed properties.

Meanwhile, the single family home market saw a 5.5 percent increase in new listings, 6.9 percent rise in pending sales, and a 2.6 percent decline in total inventory for the week.

October’s median sales price was up 11.4 percent over last year to $195,000.

Duplex Sales Repeat Themselves

said on November 5th, 2013 categorized under: Twin Cities Real Est

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duplex market has a patternMinneapolis duplex buyers and sellers saw more of the same the week ending October 26, 2013.

There were 22 sellers who accepted offers during the week. Of these, 68.2 percent will be able to walk away from their properties with cash at closing. Last year during the same week there were 19 sellers, and just 47.4 percent of those folks went home with cash.

That difference resulted in an average off market list price of $171,195 for the week this year. Last year’s average sold price of $181,850 looks like an omen, until you realize there was one duplex that week that sold for $523,000. When that’s removed from the average, the numbers drop to a more predictable $162,897.

There were 29 new listings for the week. A staggering 75.9 percent of these new opportunities were brought to the market by traditional sellers. Just half of last year’s 28 sellers could say the same.

The single family home market saw the number of new listings for the week up 16.4 percent. Pending sales were also up, increasing 10.4 percent. Overall, there is 3.1 percent less inventory on the market than there was at this time one year ago.

Duplex Sales See More Of The Same

said on November 1st, 2013 categorized under: Twin Cities Real Est

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duplexes for sale level offThe playing field has begun to level for traditional Minneapolis and St Paul duplex sellers when challenged with the aggressive pricing of distressed properties.

The market appears to be stabilizing; at least for the week ending October 19, 2013.

There were 28 duplex sellers who accepted purchase agreements during the week. At 75 percent, the vast majority of these had equity in their properties. Last year, there were just 13 duplex sellers who signed purchase agreements, and just 23 percent of them took a check home from the closing table.

On average, the final list price of this year’s crop ($169,089) was just slightly below last year’s average sold price of $169,633.

There were 35 new listings for the week. A whopping 88.6 percent of these new listings came from traditional duplex sellers. Last year there were 30 for the same week, and 7o percent of those folks were equity sellers.

The same can’t be said for the single family home market. While single family home listings were up 16.3 percent over last year, pending sales actually decreased 11.4 percent over the same time one year ago. Nonetheless, there was still 3.9 percent less inventory on the market than there was one year ago.

Duplex Sales Inch Forward

said on October 22nd, 2013 categorized under: Twin Cities Real Est

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duplex sales inch forwardThings were better than the same time last year in the Minneapolis and St Paul duplex market; if only by inches.

For example, there were 26 duplex sellers who accepted offers, 84.6 percent of whom have equity in their properties. On average, their final list price was $226,106, a number which will likely be slightly smaller at closing.

Last year,  there were 25 duplex owners who received offers, and 76 percent of them walked away from closing with a check in their pocket. The average price these properties sold for was $206,440.

Sellers continue to catch on that it’s a good time to sell, and 25 of them decided to do just that during the week.  Of these, 76 percent were owners with equity. Last year, there were 26 new listings, 65.4 percent of them were not in distressed situations.

The single family home market also saw gains, but like the duplex, triplex and fourplex market, those gains were marginal.

While New Listings were up 21.7 percent, Pending Sales actually decreased by 2.7 percent. Ironically, overall inventory nonetheless was down 5.6 percent over last year.

Remember, while gains may not be by the mile or yard, inches forward are always better than reverse.